Canopy upgraded to buy at GMP after clinching Acreage deal

加拿大大麻公司Canopy Growth收购美国经销商Acreage,在美国市场站稳脚跟

2019-04-23 09:58:00 MarketWatch


By Canopy Growth Corp. CGC, +3.99% WEED, +4.43% was upgraded to buy from hold on Monday by analyst Martin Landry at GMP, after the company last week bought the rights to acquire U.S. multi-state operator Acreage Holdings Inc. as soon as cannabis is legalized in the U.S. "This transaction should boost Acreage's ability to consolidate the US market," Landry wrote in a note to clients. "Hence, when Canopy officially takes ownership of Acreage, it could be much larger than currently." The deal gives Canopy a foothold in the U.S. market, which is estimated at about $10 billion, or 10 times larger than Canada, which fully legalized cannabis last October. Acreage is already in 20 states with 87 dispensaries and 22 cultivation and processing sites. Canopy is paying $3.4 billion, equal to a valuation multiple of 21.5 times consensus EBITDA for 2020. "In our view, this takeout multiple is low given the strategic nature of the acquisition and the potential for continued strong growth as 2021 consensus estimates forecast Acreage's EBITDA to double over 2020," Landry wrote. "Furthermore, valuations of MSOs are likely to be higher upon legalization." The analyst raised his stock price target by $7 to $72, or about 21% above its current trading level. U.S.-listed shares rose 1.8% in premarket trade and have gained 89.3% in the last 12 months, while the S&P 500 SPX, +0.16%
由。 Canopy Growth Corp . CGC ,+3.99% WEED ,+4.43% 兰迪在给客户的一份报告中写道,在美国大麻合法化后,该公司上周购买了收购美国多国运营商 Acreage Holdings Inc .的权利。因此,当 Canopy 正式获得 Acreage 的所有权时,它可能比目前大得多。这笔交易使 Canopy 在美国市场获得了立足点。据估计,美国市场的规模约为100亿美元,是去年10月大麻完全合法化的加拿大的10倍。Acreage 已经在20个州拥有87个药房和22个种植和加工场所。Canopy 将支付34亿美元,相当于2020年预期 EBITDA 的21.5倍估值倍数。兰德里写道:“我们认为,考虑到收购的战略性质和持续强劲增长的潜力,收购倍数较低,因为2021年的共识预测 Acreage 的 EBITDA 将在2020年翻一番。”此外,在合法化后, MSO 的估值可能会更高。分析师将他的股价目标上调了7美元至72美元,比目前的交易水平高出约21%。在美国上市的股票在上市前交易中上涨了1.8%,在过去12个月中上涨了89.3%,而标准普尔500指数( S & P 500 SPX ,+0.16% 上涨了8.5%。